How Can I Get Out of Debt?

With a simple legislated debt solution you can consolidate all your debts into one lower, affordable monthly repayment. Make one set payment per month for a set period, and after the period expires any remaining debts left are legally written off. This
can be up to 90% depending on your circumstances.

Fees And Key Information

The Advisory companies on our panel will charge a fee for their services if you decide to go ahead with a debt solution. There will be no charge for our advice if you choose not to go ahead with an debt solution. Getoutofdebtfree.org is not an insolvency practice and, with your approval, following advice from your adviser, if you choose to go ahead with a debt solution then we will pass a completed fact-find to an Insolvency Practitioner who will then present a proposal to your creditors. The Insolvency Practitioner will pay a fee to the Advisory company for the work we carry out prior to you making the debt solution proposal. This fee will be approximately £45-£500. You are not required to pay the Advisory company any sums over and above the sums paid by your Insolvency Practitioner. Please click here to read our FAQs for further information relating to the debt solution process.

Your Insolvency Practitioner will also charge a fee for their services. This fee will be split between their Nominee and Supervisor function. All fees and outlays incurred during the administration of your debt solution are met from the realisations made from your income contributions and/or assets and are exempt from VAT.

Your Insolvency Practitioner will provide further information regarding their fees and the work they are required to do before you agree to proceed with a debt solution.

Note: Should you proceed with a debt solution, it is essential that you maintain your agreed monthly contributions. If at any point during the term of your debt solution you feel you can no longer afford the payments agreed, you must contact your Supervisor or their staff to discuss.

Contacting your Supervisor to discuss any payment difficulties you are experiencing or changes in circumstances is essential, some debt solutions do provide an element of flexibility, you may be allowed to have a payment break if you come up against unexpected costs (such as essential home repairs) or your Supervisor may be able to review and amend your contribution to suit your changed circumstances.

If you fail to keep up with your agreed contributions and fail to contact your Supervisor to discuss, your debt solution may fail, leaving you liable for payment of your unsecured debts at their original contractual payment level and in some cases you may be made bankrupt by your Supervisor for failing to comply with the terms of your debt solution.

To find out more about managing your money and getting free advice, visit Money Advice Service , an independent service set up to help people manage their money.

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